Quinn launches resource to help Illinoisans stay in homes

Gov. Pat Quinn touched on housing issues in his annual State of the State speech on Wednesday.

Notably, he mentioned he was creating a hotline that would draw expertise and resources from several agencies to provide state residents information on programs to help them stay in their homes.

Shortly after the speech, Quinn’s office released additional details on the Illinois Foreclosure Prevention Network, which will be coordinated by the Illinois Housing Development Authority.

Quinn said in the speech he was working on a housing initiative to “take vacant houses and put them to good use.” Details on that part of his housing initiative haven’t been released.

“Helping families stay in their homes is essential in keeping our communities strong and our economic recovery moving forward,” Quinn said in a release. “The Illinois Foreclosure Network will connect families with the resources they need to keep their homes, and get back on their feet.”

Foreclosures continue to be a drag on the real estate market’s recovery. The legal actions are piling up in Illinois courts and University of Illinois Regional Economics Applications Laboratory Director Geoffrey J.D. Hewings said in late January that the inventory of foreclosure cases from 2010 and 2011 is more than 110,214 cases.

Hewings noted in a review of December 2011 data that foreclosures working their way through the legal system and onto the market likely will affect housing prices through 2012.